Sharetronic(300857) 国盛证券·2024-07-13 10:02Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][5] Core Views - The company is a leader in smart storage and IoT, benefiting from the AI-driven demand surge and new growth opportunities in server remanufacturing [1][5] - The company's storage business is entering a cyclical upswing, driven by AI development and global semiconductor market recovery [1] - The IoT terminal product line is expanding, with a focus on overseas markets and cloud services [1] - The server remanufacturing business is positioned to capitalize on the AI infrastructure wave, offering a new growth avenue [1] Company Overview - The company, founded in 2005, specializes in data storage devices, smart IoT terminals, and server remanufacturing [1] - The company's revenue and net profit have shown steady growth, with significant increases in 2023 and Q1 2024 [1] - Revenue in 2023 reached 4.658 billion yuan, a 47.95% YoY increase, while net profit attributable to shareholders rose 119.46% to 287 million yuan [1] - Q1 2024 revenue was 1.759 billion yuan, up 118.38% YoY, with net profit attributable to shareholders increasing 253.42% to 162 million yuan [1] Storage Business - The global storage market is expected to grow by 76.8% in 2024, driven by AI and semiconductor market recovery [1] - The company's storage business is expected to benefit from the AI-driven demand for higher storage capacity in devices like smartphones, servers, and laptops [1] - The company is advancing its storage chip R&D and production, enhancing cost efficiency and competitiveness [1] IoT and Cloud Services - The company is expanding its IoT product line, including smart health devices and coffee machines, with strong growth in overseas markets [1] - The company has invested in Xi'an Sihua, a leading AIoT solutions provider, to strengthen its cloud service capabilities [1] - The company's V-SaaS video cloud service is growing globally, with increasing user numbers and ARPU [1] Server Remanufacturing - The server remanufacturing business is a new growth driver, leveraging the AI infrastructure boom and IT asset disposal market growth [1] - The company has established a subsidiary in the US for server recycling and remanufacturing, with operations in Shenzhen and bonded zones [1] - The server remanufacturing business is expected to contribute significantly to revenue, with a projected 25 billion yuan in 2024 [1] Financial Projections - Revenue is forecasted to grow to 7.927 billion yuan in 2024, 9.325 billion yuan in 2025, and 10.426 billion yuan in 2026 [1] - Net profit attributable to shareholders is expected to reach 705 million yuan in 2024, 996 million yuan in 2025, and 1.186 billion yuan in 2026 [1] - The company's PE ratio is projected to be 25.2x in 2024, 17.9x in 2025, and 15.0x in 2026 [1] Industry Trends - The global semiconductor market is expected to rebound in 2024, with storage products leading the recovery [1] - AI development is driving demand for higher storage capacity in various devices, particularly servers [1] - The IT asset disposal market is projected to grow from 26.6 billion in 2029, with servers showing the highest CAGR [1]